Core Lithium has boosted the mineral resource estimate at its Finniss lithium mine by 62 per cent.
Located just south of Darwin Port in the Northern Territory, Core completed drilling at its 100 per cent owned project in 2022.
The positive results of the drilling lead to the increased mineral resource estimate.
The 2022 drilling program was the largest that Core has completed to date and showed significant potential for extension of the Finniss project.
“This significant increase to the Finniss mineral resource is a fantastic outcome for Core and our shareholders,” Core Lithium chief executive officer Gareth Manderson said.
“The 2022 drilling campaign was the largest in Core’s history, and these outstanding results are a credit to the exploration team.
“Through the targeted and systematic drilling of known and emerging deposits, the company has further highlighted the prospectivity of our landholding in the Bynoe Pegmatite field and the strong potential for life of mine extensions at the Finniss lithium operation.
“Our exploration team returns to Finniss in 2023 with a pipeline of new and existing deposits. The success of the 2022 exploration program is a strong endorsement of our near-doubled 2023 exploration budget as we target growth at the Finniss lithium operation.”
Core prepared its first shipment of spodumene concentrate from Finniss ahead of schedule in early April of this year. The shipment made its way to China in the same week.
The first shipment was initially estimated to be ready by the end of April, but Core was ahead of schedule.
“I would like to commend the Core Lithium team for the work they have done to safely start operations and produce concentrate during this wet season,” Manderson said.
“Core’s focus is to now establish the foundations of sustained growth for the company, including the regular delivery of high-quality, reliable volumes of lithium concentrate that is currently in high demand.”